Thank you for this, andris. 
The problem has been solved. I had this checked by our firewall team earlier but replied "no firewall participation" since they seem to be both in the same segment.
However, I noticed that traceroute shows additional 2 hops. And so it seems that there actually is firewall participation. Had it checked by the firewall team head and found that a policy that was recently applied did affect the Zabbix communication. He corrected everything and now it works fine.
It was just mind boggling since telnet results were successful. Seems that telnet is not very very reliable and it doesn't hurt to ask the other team to double check.
Hope this helps others who may have encountered the same.

The problem has been solved. I had this checked by our firewall team earlier but replied "no firewall participation" since they seem to be both in the same segment.
However, I noticed that traceroute shows additional 2 hops. And so it seems that there actually is firewall participation. Had it checked by the firewall team head and found that a policy that was recently applied did affect the Zabbix communication. He corrected everything and now it works fine.
It was just mind boggling since telnet results were successful. Seems that telnet is not very very reliable and it doesn't hurt to ask the other team to double check.
Hope this helps others who may have encountered the same.
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